Russia's Oil Revenue Hits Lowest Since 2020 Amid Price Slumps and Sanctions
TL;DR Summary
Russia's crude oil prices have fallen to their lowest since the Ukraine invasion, dropping 28% over three months due to U.S. sanctions, falling benchmarks, and a widening discount of Russian crude, which is significantly reducing Russia's oil and gas revenues—its main source of income—by nearly 50% in December, reaching the lowest levels since August 2020.
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